RDR

Recent Articles

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  11/04/2018

  Securitisation Regulation: 60 minutes to understand the new rules and issues

  CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW

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  01/12/2014

  The German BRRD Implementation Act

  A key element of the BRRD-Transposition Act is the introduction of a Resolution and Recovery Act (Sanierungs- und Abwicklungsgesetz (SAG)), bringing together existing rules laid down in the Banking Act (Kreditwesengesetz (KWG)) and new rules established by the BRRD. In contrast to the current legal situation, under the new Resolution and Recovery Act the requirement to establish resolution plans is not restricted to systemically relevant institutions. Nonetheless, institutions which are neither globally nor nationally systemically relevant can be exempted from this requirement.The competent national...

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  13/11/2014

  The Bank Recovery and Resolution Directive

  BackgroundDuring the financial crisis, failing credit institutions and investment firms presented a major problem. There were no adequate tools to deal effectively with the insolvency of an institution and there was no system in place to ensure that the customers of a failing bank would continue to have access to essential banking services. Many institutions had to be ‘bailed out’ using taxpayer’s money.As a result, the EU regulatory structure was strengthened with the introduction of the European System of Financial Supervision (see our report here) and three major, and complementary,...

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  11/04/2014

  RDR and adviser charging disclosures: FCA’s patience wearing thin?

  Breakdown of figures The failings identified in TR14/6 were similar to those uncovered six months before; but given the time that has passed, and the additional help that has since been provided, the FCA is less inclined to be merciful. Considering the disclosure requirement described above, the FCA made the following findings: 58% of firms failed to give clients generic information about costs at the outset (e.g. whether they charge a percentage, fixed fee or hourly rate; and an approximate indication, in cash terms or hours worked, of what that might be). 50% of firms failed to give clear confirmation...

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  07/01/2013

  Developments in insurance broker remuneration

  The current UK regime for general insurance is made up of a mixture of legislation, regulatory rules and case law and is likely to be subject to further change particularly under the European Commission’s review of the Insurance Mediation Directive (see our RegZone report on IMD II here) New rules under proposals for a revised Insurance Mediation Directive In July 2012, the European Commission adopted a proposal for a revised Insurance Mediation Directive (“IMD 2”). (This is currently subject to the trialogue negotiation process with the European Parliament and Council.) The Commission’s...

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  04/09/2012

  A sea change for insurance regulation

  The new UK regulatory regime is due to come into force in spring 2013, with two new regulators: the Prudential Regulatory Authority (PRA) (a subsidiary of the Bank of England - which will have a new Financial Stability Committee – the FSC) and the Financial Conduct Authority (FCA.) Under the new regime, insurers and Lloyd’s of London and Lloyd’s managing agents will be dual regulated, with prudential supervision by the PRA and conduct supervision by the FCA. Insurance brokers and intermediaries will be regulated solely by the FCA. The new regime will be characterised by a new...

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